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Know Everything on Filing Form MGT 7, Due Dates, Eligibility Etc

MGT-7-form-due-date

Form MGT 7 is for the purpose of monitoring annual return details of a company. All the businesses need to fill this electronic form provided by the Ministry of Corporate Affairs (MCA). The form is further managed via electronic modes by Registrar of Companies working under MCA legislation.

The annual return has to be furnished in 60 days after the annual general meeting (AGM). The e-form is managed by the ROC (Registrar of companies) software by various tax solution companies.

What is the Eligibility to Furnish Form MGT 7?

MCA mandates all private and public companies registered as a business in India to furnish MGT 7 each year for the purpose of their annual returns. Now let us find the eligibility to furnish the MGT 7:

  • LLP Registration
  • Private Limited Company
  • Partnership
  • Sole Proprietorship
  • Public Limited Company
  • Individual person Company

Per Day Penalty If Miss the Filing MGT 7 Form

The penalty has increased in 2018 & now, the offence may cost Rs. 100 per day of delay in submitting the form. So to avoid the course of penalties one must ensure filing the form before deadlines.

Source of Downloading MGT 7

You can download the form MGT 7 from the official website of Ministry of Corporate Affairs (MCA) available under the category of “Annual filing of e-forms”.

What all Details Required in Form MGT-7 ?

MGT 7 is a requirement for all registered firms in India. The form needs to be filled with relevant details as they are on the closing of the financial year.

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Required Details are Regarding:

  • The main office registered, the main business of the firm, details of its belonging firms, details of subsidiary companies associated with the firm.
  • Shares, debentures, securities and shareholdings of the company.
  • Debt liabilities of the company.
  • The updated list of members in the company or debenture holders during the current financial year.
  • The updated list of key personals of the company including the promoters, directors and other managers during the current financial year.
  • Details of key member meetings. Details of boards and its committees along with attendance details.
  • Remuneration of directors and key managerial personnel
  • A list of penalties and related offences and appeals on the company, managers or other key officials.
  • Related to certification of compliances and disclosures as asked in the form.
  • Other relevant details as required in the form.

Documents Needed with the Form:

The formalities are complete after attaching the following documents with the form under the headings:

  • A checklist including the names of shareholders and debenture holders
  • Letter of approval for the extension of the Annual General Meeting (an annual meeting of the company’s key shareholders).
  • Copy of MGT-8
  • Other documents (if mentioned in the form).

What is the Deadline or Due Date For Filing MGT 7:

  • The filing of Form MGT 7 is required within 60 days starting from the date of AGM.
  • The date of scheduling the AGM should be 15 months from the last AGM or before 30 September (6 months from the close of the financial year).
  • The last call for filing the MGT 7 during an FY is generally 29th November of every year.